PUBLIC SECTOR ACCOUNTING SYSTEMS AND FINANCIAL ACCOUNTABILITY: CHANGING THE PUBLIC GOVERNANCE LANDSCAPE IN NIGERIA

Abstract

This is an exploratory survey study that deployed a qualitative approach to examine Public Sector Accounting Systems and Financial Accountability in Changing the Public Governance Landscape in Nigeria. The study was conducted out of the failure in public values and frauds in public financial management systems in Nigeria leading to poor financial accountability and high corruption among public office holders over the years and to proffer best public sector accounting systems to solve this cancer eating deep to the Nigerian public financial system. Specifically, to examine the implications of public sector accounting systems - vote accounting, commitment accounting and fund accounting compared to the unfitted accounting systems - budgeting accounting and accrual based accounting toward good public governance in Nigeria. The data were obtained specifically by reviewing of literature in an armchair research method and the exploratory approach. Contextual analysis method was used to analyse the data through adequate exegesis of the gathered secondary information in arriving at conclusion. Findings indicated that vote accounting, commitment accounting and fund accounting affect public sector financial accountability and yield good public governance, and that financial regulations if properly implemented will act as public governance act for the Nigerian Public Sector. It was concluded in the study that the application of Public Sector Accounting Systems - vote accounting, commitment accounting and fund accounting is key to Public Financial Accountability for Changing Public Governance Landscape in Nigeria. Recommendations were made to include full implementation of the public sector accounting techniques – vote accounting, commitment accounting and fund accounting in the Nigeria public sector. The budgeting accounting in practice should be modified to conform with the needs of the Nigerian context while accrual based accounting should be strictly in line with IPSASs.